number 5, is china slow something we know they will be the biggest economy in the world by 2020. >> china. >> chain a. >> chain a. >> reporter: they are getting more than a few mentions during the campaigns. probably because it's pretty clear they are both a com petter and a partner. >> number 4. europe. the european union was fractured by to much debt and the aust, rity plans to fix it. that is far from over. number 3. the housing market. finally bottom out. the combination of low home prices and continued record low mortgages set off a building and buying spree. well heeled investors started buying entire neighborhoods but first time buyer was also able to get a home for the first time in years as long as they had a heavy down payment. >> number number 2. >> project that obama will be re-elected. >> the election was about social. >> spending cutting, about what kind role government should have in your life. >> number 1. the fiscal cliff. lawmakers saw it coming but didn't bother to pay attention until after the election. had they put politics aside and dealt with it earlier who knows ho